Bitcoin (BTC) has been on a steady rise, and new data suggests that the surge is being driven by big-money investors. Recent on-chain analytics reveal that Bitcoin wallets holding at least 100 BTC—referred to as shark and whale wallets—have grown by nearly 10% in the past month and a half, further fueling the cryptocurrency’s bullish momentum.

Sharks & Whales Driving Bitcoin’s Bullish Sentiment

On-chain data from Santiment, an analytics firm, reveals that the Bitcoin addresses holding 100 or more BTC have seen significant growth during the current bull run. This metric, known as the “Supply Distribution,” tracks the number of Bitcoin wallets within specific coin ranges, and in this case, it focuses on the 100+ BTC range. As Bitcoin’s price surges, the number of these large wallets has steadily increased.

For context, a Bitcoin wallet holding 100 BTC is worth over $10.4 million at the current exchange rate, placing these investors in the “shark” and “whale” categories. These large investors hold considerable sway in the market, and their actions often reflect broader market sentiment. The recent uptick in these wallet addresses signals that sharks and whales are actively accumulating Bitcoin, despite the recent price rally.

10% Increase in Shark & Whale Wallets

According to Santiment, the number of Bitcoin wallets holding 100 BTC or more has increased by 9.9% since the start of the current bull run. On October 10, the metric stood at 16,062, but by the beginning of December, it had risen to 17,644, marking a growth of 1,582 new large wallets. This surge indicates that more big-money investors are entering the Bitcoin market, even at the higher price levels.

Interestingly, a significant portion of this growth has occurred in the past month, which suggests that many of these investors are purchasing Bitcoin at the asset’s recent highs. This behavior indicates that large investors are confident in Bitcoin’s future prospects, driven by the fear of missing out (FOMO) on potential gains.

Positive Implications for Bitcoin’s Price Action

The continued growth in the number of shark and whale wallets is a positive sign for Bitcoin’s price. As more large investors accumulate Bitcoin, it reflects growing confidence in the asset, which in turn can help sustain the bullish trend. This influx of institutional and high-net-worth investors adds a layer of stability to Bitcoin’s price, reducing volatility and potentially driving further price increases.

Moreover, the fact that these investors are still buying Bitcoin even as its price continues to rise suggests that they believe in the long-term value of the asset. Their actions contribute to the current price surge, which has seen Bitcoin reach new heights above $106,000.

Bitcoin Price Outlook

At the time of writing, Bitcoin is trading at around $103,900, reflecting a nearly 5% increase over the past week. With shark and whale wallets continuing to grow, it’s likely that Bitcoin’s price will remain buoyed by strong investor interest, pushing it toward even higher levels.

The ongoing bullish momentum, fueled by big-money investors, suggests that Bitcoin’s rally is far from over. As more institutional and high-net-worth investors enter the market, Bitcoin’s potential for further growth remains strong, making it an exciting time for the cryptocurrency’s future.